Tax loopholes

Tax loopholes

Every year, America loses up to $150 billion to offshore tax havens - enough revenue to provide Pell grants to 10 million students for four years of college, to more than cover the Superstorm Sandy reconstruction effort, even to build a manned outpost on the moon.

A large part of this revenue is lost due to corporate tax loopholes. These loopholes allow many of America's largest companies to stash money earned in the United States in overseas tax havens to avoid paying taxes.

The revenue lost to offshore tax havens is sorely needed here at home. We can all agree that there are better ways to spend $150 billion - ways that would serve the public, not just a few corporate special interests. Although closing these tax loopholes alone won't end our country's fiscal woes, it sure would help.

It's time for the public to stop picking up the tab left by corporate tax dodgers. These big companies benefit from our educated workforce, infrastructure and security, yet get away scot-free. New Jerseyans should not have to make up for this lost revenue through cuts to public services, more debt or higher taxes. Closing tax loopholes should be a key part of any "fiscal cliff" conversation.

GIANINA CATTANEO

N.J. Public Interest Research Group intern

Trenton

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Tax loopholes

Tax loopholesEvery year, America loses up to $150 billion to offshore tax havens - enough revenue to provide Pell grants to 10 million students for four years of college, to more than cover the